• Click Here to Subscribe to Email updates

  • psst … I’m a Realtor! Thanks for stopping by my website. I would love to help you find your dream home and community in the Hampton Roads or Williamsburg area or to sell your existing home. This website is authored by local resident and REALTOR, John Womeldorf. John is known around town as Mr. Williamsburg, for both his extensive knowledge of Hampton Roads and the historic triangle, and his expertise in the local real estate market. His websites, WilliamsburgsRealEstate.com and Mr Williamsburg.com were created as a resource for folks who are exploring a move to Williamsburg, VA , Hampton Roads VA and the surrounding areas of the Virginia Peninsula. On his website you can search homes for sale , foreclosures, 55+ active adult communities, condos and town homes , land and commercial property for sale in Williamsburg, Yorktown, New Kent, Poquoson, and Gloucester, VA as well as surrounding markets of Carrolton, Chesapeake,Gloucester, Hampton, Isle of Wight, Portsmouth Mathews, Newport News Norfolk, Poquoson, Smithfield, , Suffolk, Surry, Va Beach, Yorktown and York County Virginia You can reach John by email John@MrWilliamsburg.com or phone @ 757-254-813
  • RSS Colonial Williamsburg News

    • ‘Beloved Women of Chota: War Women of the Cherokee’ being performed through Nov. 2
      The Colonial Williamsburg Foundation is currently presenting “Beloved Women of Chota: War Women of the Cherokee” on the Charlton State through Nov. 2. Produced by the American Indian Initiative at Colonial Williamsburg, the production commemorates the Cherokee peoples’ ties to Virginia in the 18th century. “‘The Beloved Women of Chota’ is a significant addit […]
    • Five Fall Things to Do in the Revolutionary City
      By Karen Gonzalez Feeling autumnal? Here are five great fall things to do in the Historic Area over the next five weeks.   More Bricks for Our Walls Love big fires on cool nights? Then the Firing The Brick Kiln at the Brickyard is for you. From Nov. 19-23 between 9 a.m. and 5 p.m., brickmakers will be ... Continue Reading »
    • What is the Frenchman’s Map?
      The Frenchman’s Map (1782). Whether one is looking for treasure or the closest Starbucks, most searches are more productive with a map. Colonial Williamsburg’s archaeologists are the first to admit this, which is why each of our excavations begins by consulting the Frenchman’s Map. The Frenchman’s Map ... Continue Reading »
    • In the Garden: Of Garlic and Shallots
      It is in the middle of October that we plant our garlic and shallots which is true for most all of the North American colonies. German Red Garlic bulb Garlic has a long usage as a medicinal plant but was seldom used in America as a culinary ... Continue Reading »
    • Revolutionary City’s tree varieties create a diverse autumn palette
      By Ben Swenson Could you name three types of oak tree if you had to? How about five? Laura Viancour can. She’s Colonial Williamsburg’s Manager of Landscape Services, part of a devoted team that shoulders a tall responsibility: maintaining the Historic Area’s oaks — all 13 species of them — and much more. There are over ... Continue Reading »
  • Flickr Photos

    front1

    upstairs closet

    upstairs bedroom2

    More Photos

FHA Loan Fees Increasing

FHA-backed loans, which help make home ownership attainable for many Americans, will get pricier in about a month.

In order to boost their dwindling capital reserves, the Federal Housing Administration announced on Monday that they will adjust their premium structure for FHA-insured mortgage loans.

Starting on April 1st, the upfront insurance premiums will rise from 1 percent to 1.75 percent of the base loan amount. FHA’s annual mortgage premium will also increase, by 0.10 percent for loans under $625,000 and 0.35 percent for amounts above that.

For a $300,000 loan, the new premium “works out to $5,250, up from $3,000, but because homebuyers are allowed to finance the upfront insurance premium into the balance of their mortgages, officials said the sticker shock from the higher fees would be relatively modest, provided that borrowers can qualify for a slightly larger loan.

On a loan amount of $300,000, we are seeing an increased payment of $35.42, which doesn’t sound too bad. However, many home buyers buy homes comparing what their monthly payment will be after they close. This hike in payment is equivalent to borrowing an additional $7000.

Starting next month, it’s as if the home became $7000 more expensive. What is the result? Buyers are going to have to pay more OR they’re going to have to offer less to the seller (to maintain the same mortgage payment they were comfortable with today). A $7000 lower offer is like another 2.5% decline of home prices. Not good for anyone.

About these ads

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

Follow

Get every new post delivered to your Inbox.

Join 1,440 other followers

%d bloggers like this: